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Ll Sun Bank of St. Lucie County February 18, 1985 IRREVOCABLE LETTER OF CREDIT NO. 1985-11 Amount: $503,191.24 Effective Date: February 18, 1985 Expiration Date: February 18, 1986 Indian River County Board of County Commissioners Vero Beach, F1. 32960 Gentlemen: BOOK 60 FAGF � We hereby authorize you to draw on us, by order of Indian River County Board of County Commissioners and for the account of Harbor Federal Savings and Loan Association, up to an aggregate amount of Five Hundred Three Thousand One Hundred Ninety One and 24/100 U.S. Dollars ($503,191.24). This Letter of Credit is provided to you as required under the Contract for Required Improvements between Harbor Federal Savings and Loan Association and Indian River County, relating to the Seagrove West Subdivision, which contract is numbered No. SD 80-16-229. It is hereby agreed by all parties hereto that the reference to Contract No. SD 80-16-229.is for identification purposes only and such reference shall not be constured in any manner to required Sun Bank of St. Lucie County to inquire into its terms and conditions. These funds will be available by your drafts at sight accompanied by a resolu- tion of the Board of County Commissioners to the effect that Harbor Federal Savings and Loan Association has defaulted under the terms of the aforementioned contract for required improvements, and that the amount of the draft represents the ariount required by the County to fulfill the performance of said contract for the required improvements. Drafts presented to this office for payment under this Letter of Credit must bear the clause "Drawn under Irrevocable Letter of Credit No. 1985-11 of Sun Bank of St. Lucie County dated February 18, 1985". The original Letter of Credit must also accompany any drawings and the date and amount of each drawing must be endorsed on the reverse of the Letter of Credit by an authorized representative of the Indian River County Board of County Commissioners and the endorsement guaranteed by the negotiating bank. We engage with you that all drafts drawn under and in c m pliance with the terms of this credit will be duly honored upon presentation of the required documents by the drawee at this office on or before February 18, 1986. Except so far as otherwise expressly stated, this documentary credit is subject to the "Uniform Customs and Practice for Documentary Credits", (1983 Revision) International Chamber of Commerce Publication 400. Very bun Bank of St. Lucie County John K. Gates Senior Vice President M M M M